Insurance : activity under the Product Liability Risk Retention Act of 1981 : briefing report to the Honorable Edward F. Feighan, House of Representatives.

"B-223648."--p. [1]

A tutela preventiva da responsabilidade civil

The contemporary society is characterized by high risks. Today, the prevention of damages is as important as compensation. This is due to the fact that the potentiality of several damages is not in line with compensation, because often compensation proves to be impossible. Civil law should be at the service of the citizens, which explains that the heart of the institution of non-contractual liability has gradually moved towards the victim's protection. It is requested from Tort law an active attitude that seeks to avoid damages, reducing its dimension and frequency. The imputation by risk proves to be necessary and useful in the present context as it demonstrates the ability to model behaviors, functioning as a warning for agents engaged in hazardous activities. Economically, it seeks to prevent socially inefficient behaviors. Strict liability assumes notorious importance as a deterrent and in the dispersion of damage by society. The paradigm of the imputation founded on fault has proved insufficient for the effective protection of the interests of the citizens, particularly if based in an anachronistic vision of the concept of fault. Prevention arises in several areas, especially in environmental liability, producer liability and liability based on infringement of copyright and rights relating to the personality. To overcome the damage as the gauge for compensation does not inevitably mean the recognition of the punitive approach. Prevention should not be confused with reactive/punitive objectives. The deterrence of unlawful conduct is not subordinated to punishment.

Empiirinen analyysi tilitoimiston liikeriskeistä ja niiden hallinnasta

Tämän tutkimuksen aiheena ovat tilitoimiston liikeriskit ja niiden hallinta. Tilitoimistot ovat merkittävässä asemassa tuottaessaan asiakasyrityksistään taloudellista tietoa paitsi yritykselle itselleen myös sen sidosryhmille sekä yhteiskunnalle. Tilitoimiston toimintaa ja samalla riskienhallintaa ohjaa erityisesti hyvä tilitoimistotapa, jonka noudattaminen auttaa ylläpitämään ammatillista arvostusta. Tilitoimiston liikeriskit voidaan jakaa henkilöstöriskeiksi, sopimus- ja vastuuriskeiksi sekä tietoriskeiksi, joihin kuuluvat myös väärinkäytösriskit. Sopimus- ja vastuuriskejä hallitaan kirjallisin toimeksiantosopimuksin vakiosopimusehtoja käyttämällä sekä vastuuvakuutuksin. Tietoriskien hallinnassa apuna ovat salas-sapitosopimukset, tietoturvatoimet ja ohjeet. Väärinkäytösriskejä hallitaan parhaiten ennaltaehkäisemällä. Henkilöstö on tilitoimistojen suurin resurssi, mutta samalla myös suurin riskitekijä. Henkilöstö on myös avainasemassa tilitoimistojen riskienhallinnan toteuttamisessa. Suurimpia henkilöstöön kohdistuvia riskejä ovat avainhenkilöihin, työhyvinvointiin, jaksamiseen, motivaatioon sekä työvoiman saatavuuteen kohdistuvat riskit. Näitä kaikkia pystytään hallitsemaan toimivalla henkilöstöhallinnolla ja varahenkilöjärjestelmillä. Tutkimuksen empiirinen osio toteutettiin satunnaisesti valittuihin eteläsuomalaisiin tilitoimistoihin suunnatulla kyselytutkimuksella. Tutkimustuloksista käy ilmi, että tilitoimistojen tieto-, sopimus- ja vastuuriskien hallinta on hyvällä tasolla, mutta että henkilöstöriskien hallinnassa on jonkin verran parantamisen varaa. Tutkimus vahvistaa myös, että pk-sektorilla toimivien tilitoimistojen kannattaa käyttää kokonaisvaltaista riskienhallintaa liikeriskiensä hallitsemiseen ja toiminnan laadun turvaamiseen.

Kiinteistövälitysliikkeen vahingonkorvausvastuu ostajaa kohtaan riskinä

Tutkimuksessa tarkastellaan millainen riski kiinteistövälitysliikkeelle syntyy kiinteistövälitysliikkeen vahingonkorvausvastuusta toimeksiantajan vastapuolta kohtaan, puhuttaessa asunnon- ja kiinteistönkaupasta.

Country risk, national cultural differences between partners and survival of international joint ventures in Brazil

This article aims to identify the main and interaction effects of two country-level variables, namely national distance and country risk, on the survival of international joint ventures in emerging markets. Research hypotheses predicting the negative impact of national distance and country risk on survival of international joint ventures are formulated in this article. These research hypotheses are examined in a sample of 234 international joint ventures formed in Brazil between 1973 and 2004. These international joint ventures were subjected to an event history analysis over a period of time ranging from 1973 to 2006. The empirical results show that large national cultural differences between local and foreign partners increase the instability of international joint ventures, whereas the survival of these alliances does not seem to be affected either by the economic and political uncertainty of Brazil. Furthermore, the national distance between local and foreign partners has effects on survival that are variable according to the life cycle of international joint ventures. (C) 2007 Elsevier Ltd. All rights reserved.

Abuse liability of intra-nasal midazolam in inhaled-cocaine abusers

Intra-nasally instilled benzodiazepines have been proposed for acute anxiety episodes. However, routes with faster absorption may increase abuse liability. This study compared abuse liability of intra-nasal midazolam between subjects with a history of intra-nasal drug abuse and non-psychiatric subjects on a single-blind randomized controlled trial. Thirty-one inhaled-cocaine abusers and 34 normal volunteers received either 1 mg intra-nasal midazolam or active placebo. Visual analogue scales assessing desire to repeat the experience (ER) and Experience Liking (EL) assessed abuse liability. Profile analysis for repeated measures showed a significant effect of time over ER (F-[5,F-57]=3.311, p=0.011) and EL (F-[5,F-57]=3.947, p=0.004), diagnostic group (cocaine abusers scoring higher on both - F-[5,F-57]=5.229, p=0.026; F-[5,F-57]=4.946, p=0.030), regardless of the administered substance. It is concluded that the intra-nasal route does not seem to pose risks for non-psychiatric individuals, but it may represent a risk in itself for subjects with a history of drug abuse through this path. (C) 2008 Elsevier B.V. and ECNP. All rights reserved.

Optimal insurance with counterparty default risk

We study the design of optimal insurance contracts when the insurer can default on its obligations. In our model default arises endogenously from the interaction of the insurance premium, the indemnity schedule and the insurer’s assets. This allows us to understand the joint effect of insolvency risk and background risk on efficient contracts. The results may shed light on the aggregate risk retention sched- ules observed in catastrophe reinsurance markets, and can assist in the design of (re)insurance programs and guarantee funds.

On the Relationship between Market Power and Bank Risk Taking

We analyse risk-taking behaviour of banks in the context of spatial competition. Banks mobilise unsecured deposits by offering deposit rates, which they invest either in a prudent or a gambling asset. Limited liability along with high return of a successful gamble induce moral hazard at the bank level. We show that when the market power is low, banks invest in the gambling asset. On the other hand, for sufficiently high levels of market power, all banks choose the prudent asset to invest in. We further show that a merger of two neighboring banks increases the likelihood of prudent behaviour. Finally, introduction of a deposit insurance scheme exacerbates banks’ moral hazard problem.

Developing psychosis and its risk States through the lens of schizotypy.

Starting from the early descriptions of Kraepelin and Bleuler, the construct of schizotypy was developed from observations of aberrations in nonpsychotic family members of schizophrenia patients. In contemporary diagnostic manuals, the positive symptoms of schizotypal personality disorder were included in the ultra high-risk (UHR) criteria 20 years ago, and nowadays are broadly employed in clinical early detection of psychosis. The schizotypy construct, now dissociated from strict familial risk, also informed research on the liability to develop any psychotic disorder, and in particular schizophrenia-spectrum disorders, even outside clinical settings. Against the historical background of schizotypy it is surprising that evidence from longitudinal studies linking schizotypy, UHR, and conversion to psychosis has only recently emerged; and it still remains unclear how schizotypy may be positioned in high-risk research. Following a comprehensive literature search, we review 18 prospective studies on 15 samples examining the evidence for a link between trait schizotypy and conversion to psychosis in 4 different types of samples: general population, clinical risk samples according to UHR and/or basic symptom criteria, genetic (familial) risk, and clinical samples at-risk for a nonpsychotic schizophrenia-spectrum diagnosis. These prospective studies underline the value of schizotypy in high-risk research, but also point to the lack of evidence needed to better define the position of the construct of schizotypy within a developmental psychopathology perspective of emerging psychosis and schizophrenia-spectrum disorders.

Predicting bankruptcy of Finnish limited liability companies from historical financial statements

This master’s thesis studies the probability of bankruptcy of Finnish limited liability companies as a part of credit risk assessment. The main idea of this thesis is to build and test bankruptcy prediction models for Finnish limited liability companies that can be utilized in credit decision making. The data used in this thesis consists of historical financial statements from 2112 Finnish limited liability companies, half of which have filed for bankruptcy. A total of four models are developed, two with logistic regression and two with multivariate discriminant analysis (MDA). The time horizon of the models varies from 1 to 2 years prior to the bankruptcy, and 14 different financial variables are used in the model formation. The results show that the prediction accuracy of the models ranges between 81.7% and 88.9%, and the best prediction accuracy is achieved with the one year prior the bankruptcy logistic regression model. However the difference between the best logistic model and the best MDA model is minimal. Overall based on the results of this thesis it can be concluded that predicting bankruptcy is possible to some extent, but naturally the results are not perfect.